Morgan Stanley offers $3 billion broker bonuses, Wells none
Fri Feb 20, 2009 8:49pm EST
By Jonathan Stempel
NEW YORK (Reuters) - Morgan Stanley's (MS.N) brokerage joint venture with Citigroup Inc (C.N) will pay brokers as much as $3 billion to stay on, while Wells Fargo & Co (WFC.N) will not offer retention payouts to brokers from the former Wachovia Corp.
Brokers at Morgan Stanley and Citigroup's Smith Barney unit who produce at least $1.75 million of revenue may be eligible for a payment equal to 105 percent of their annual production, according to a person familiar with the plan.
About 6,500 of the combined entity's 20,000 brokers are expected to be eligible for the retention package, with the first payment in January 2010 and the second in 2012, the person said. Overall retention bonuses could total $2 billion to $3 billion, the person said.
Citigroup and Morgan Stanley together received $55 billion of capital infusions from the government's Troubled Asset Relief Program.
Monday, February 23, 2009
THEY'RE LUCKY TO HAVE A JOB...
let alone get bonuses. While the world's financial system was collapsing, these brokers managed to weasel out some profits, no doubt by lying to their customers. I guess lying is a virtue in MOTU World. (h/t Joe Sudbay at AMERICAblog)
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2 comments:
Well, what about Hichael Hudson? Are you hoping Obama is pulling a fast one on the bad guys or merely going with the lesser of the economic evils?
http://www.counterpunch.org/hudson02232009.html
Ken,
thanx for the link. BTW, in The Wrecking Crew, Thomas Frank points ou tone example of what these idiots want for America - an economy like Saipan's.
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